Name of the Project
Ewoyaa lithium project.

Location
North of Saltpond, in the Central Region of Ghana.

Project Owner/s
Africa-focused minerals explorer IronRidge Resources.

Project Description
The Ewoyaa lithium project is a hard-rock, pegmatite- and spodumene-rich-hosted system, with mineralisation beginning near surface and extending to depths of more than 200 m.

The width of the pegmatite veins varies from greater than 100 m to less than 1 m, and have a strike length exceeding 20 km of continuous structure. In the more continuous sections of the Ewoyaa Main Zone, the pegmatite thickness is typically 30 m to 60 m.

The project has indicated and inferred resources of 14.5-million tonnes grading 1.31% lithium oxide.

The pegmatite veins have been assessed for openpit mining and processing through a crushing circuit and dense-media separation (DMS) process to produce a coarse spodumene concentrate.

A scoping study has proposed a contract mining operation, mobile contract crushing facility and fixed conventional DMS processing facility capable of treating two-million tonnes a year of ore over an initial eight-year LoM.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $539-million and an after-tax internal rate of return of 124%, with a payback of less than one year.

Capital Expenditure
$68-million.

Planned Start/End Date
Not stated.

Latest Developments
IronRidge Resources has entered into a conditional binding agreement with Nasdaq-listed Piedmont Lithium to fully fund and fast-track the Ewoyaa lithium project to production.

Piedmont will subscribe to $15-million worth of IronRidge shares and provide additional regional exploration funding of $17-million towards a definitive feasibility study on the project.

It has also agreed to fund the project’s estimated capital expenditure of $70-million, and has signed an offtake agreement for 50% of the spodumene concentrate production over Ewoyaa’s mine life.

IronRidge stands to benefit from Piedmont's technical, operational and corporate experience and expertise, as well as its accelerated development timelines to production.

The IronRidge board believes that this conditional agreement represents a unique opportunity to fast-track the development of its industry-leading asset and fund its pathway to production while providing the opportunity for Ghana to become the first lithium producer in West Africa.

Key Contracts, Suppliers and Consultants
Ashmore Advisory (resource modelling); Mining Focus Consultants (pit optimisation and mine scheduling); NAGROM (beneficiation testwork); ANSTO (conversion testwork); Trinol (process interpretation and design); Zivvo (cash flow modelling); Zivvo and Trinol (operating and capital costs); Primero (site layouts); and First Test Minerals (industrial mineral marketing).

Contact Details for Project Information
IronRidge Resources, tel +61 7 3303 0610 or email info@ironridgeresources.com.au.